For a while the board had a string of threads about the stimulus vs. austerity debate but that seems to have died down. The article below by Arthur Laffer, an economist that served in the Reagan administration, provides some good counterpoints to stimulus.
A couple quotes from the article.
"Of the 34 Organization for Economic Cooperation and Development nations, those with the largest spending spurts from 2007 to 2009 saw the least growth in GDP rates before and after the stimulus."
"If you believe, as I do, that the macro economy is the sum total of all of its micro parts, then stimulus spending really doesn't make much sense. In essence, it's when government takes additional resources beyond what it would otherwise take from one group of people (usually the people who produced the resources) and then gives those resources to another group of people (often to non-workers and non-producers)."